Consumers urged to switch bank accounts

Everyone Credit Union (ECU) has urged people to consider switching their bank accounts following the Reserve Bank of Australia's decision to slash interest rates by 25 basis points.

The firm's executive manager of operations Bob Malcolm said: "We urge consumers to consider switching their banking to somewhere that focuses on them and puts them first."

He claimed that many banks don't reinvest their capital in creating better savings accounts with more attractive rates and lower fees, so Aussies should make sure they shop around and switch to the best deal to make the most of their money.

A recent survey conducted by Mortgage Choice showed that Aussies' finances were coming under increasing pressure thanks to the rising cost of living.

According to the firm, more than half of those surveyed said that they were disappointed with how much money they had managed to save and 55 per cent said that they had dipped into their savings to make ends meet.

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